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Quote of the Day
If you stop to think about it, business success long-term is a lot like biology and in biology,
what happens is the individuals all die and eventually so do all the species and capitalism is
almost as brutal as that. Think of what’s died in my lifetime. Just think of the things that
were once prosperous that are now in failure or gone. Whoever dreamed when I was young
that Kodak and General Motors would go bankrupt? It’s incredible what’s happened in
terms of the destruction.– Charlie Munger, in the 2021 DJCO shareholder meeting. (Source). On this day in 2021, Kodak shares would begin a nearly 3,000% surge as the company pivots to the manufacturing of pharmaceuticals
July 28, 1914: WWI Outbreak Triggers Global Market Closures
On July 28, 1914, the eruption of World War I sent shockwaves through financial markets worldwide. Austria-Hungary’s declaration of war on Serbia that day led to panic selling as European investors liquidated holdings to raise war funds.
U.S. stock markets faced the brunt of the selling as international investors flooded the market with sell orders. The general stock market was down 3% to 4%, but many prominent stocks fell much further.
For example, Canadian Pacific Railroad stock fell nearly 10% on this day.
Source: Library of Congress
In response, stock exchanges around the globe began shutting their doors to stem the panic. By the end of that week, exchanges in Montreal, Toronto, Madrid, and then Vienna, Brussels, Berlin, Paris and even London had all suspended trading.
The New York Stock Exchange, facing a flood of sell orders from abroad, closed on July 31, 1914 and would remain closed for four months – the longest shutdown in NYSE history
July 28, 2020: Kodak Stock Skyrockets on Government Loan News
In the midst of 2020’s pandemic volatility, an unlikely stock became the center of a trading frenzy on this day in 2020.
Eastman Kodak, the former photography giant, announced it had secured a $765 million U.S. government loan to produce pharmaceutical ingredients as part of an effort to bolster domestic drug supply during COVID-19 pandemic.
“Our 33rd use of the Defense Production Act will mobilize Kodak to make generic, active pharmaceutical ingredients,”
- President Donald Trump
This unexpected pivot from cameras to pharmaceuticals sent Kodak’s thinly traded stock into the stratosphere. On the news, Kodak’s share price rocketed from around $2 to as high as $60 intraday – a stunning surge of nearly 3,000% in two days.
Within days, much of the gain evaporated as reality set in and regulatory investigations began; Kodak’s stock fell back to a fraction of its peak once the euphoria passed.
Read of the Day
Lords of Finance by Liaquat Ahamed
At the dawn of World War I, financial panic swept across the globe and markets shut down — revealing just how fragile the global system truly was. This Pulitzer Prize–winning book tells the gripping story of the central bankers behind the scenes, and how their decisions shaped both the crash and the recovery.
“The Great War, the NYSE and a Legacy of Strength” – Advisor Perspectives
This explores why the New York Stock Exchange shut down from July 31 to December 1914, how informal markets like New Street emerged during the suspension, and what lessons central bankers and policymakers—plus modern investors—can draw about liquidity, market infrastructure, and crisis management in turbulent times.
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